Staco Insurance PlcNSENG: STACO

Quarter 3 - financial statement for 2019

Jul 23, 2025 at 4:22 PM UTC · Issued by Staco Insurance Plc

STACO INSURANCE PLC MANAGEMENT ACCOUNTS FOR THE PERIOD ENDED 30 SEPTEMBER 2019

FINANCIAL HIGHLIGHTS
	Company	Company	Company
	2019	2018	Growth
	N'000	N'000	%
Major statement of financial position
Total assets	6,473,624	6,747,244	(4.06)
Shareholders' funds (2,607,508) (1,819,798) 43.29
Major statement of comprehensive income
Gross premium	2,044,347	3,668,675	(44.28)
Net premium earned	1,701,621	2,724,648	(37.55)
Investment income	78,116	123,608	(36.80)
Other income	9,262	39,615	(76.62)
Net underwriting and claims expenses	(1,045,843)	(1,445,172)	(27.63)
(Loss)/profit before taxation	(695,094)	90,675	866.58

(Loss)/profit after taxation (760,092) (1,144) ########

Information per 50k ordinary share

Earnings per share (kobo)	(8)	2	646.98
Net assets (kobo)	1	1	(0.04)
Stock exchange quotation (kobo) at 30
September	50	50	-
Price earning ratio (0.17) 0.03 -
Number of 50k shares issued	9,341,088	9,341,088	-
Number of employees Number of branches	319 19	319 19	- -

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2019

ASSETS	Note	30 September 2019 N'000	31 December 2018 N'000
Cash and cash equivalents	8	278,031	395,682
Financial assets	9	212,881	240,616
Trade receivables	10	88,519	85,714
Reinsurance assets	11	1,042,133	1,053,008
Other receivables and prepayments	12	179,061	184,505
Deferred acquisition cost	13	132,110	158,181
Investment in subsidiary	14	327,937	327,936
Investment properties	15	1,520,000	1,520,000
Deffered tax assets	16.1	-	-
Leased assets	17	135,647	168,733
Property ,plant and equipment	18	2,224,474	2,270,109
Statutory deposit	19	300,000	300,000
Intangible asset	20	32,830	42,760
Total assets		6,473,624	6,747,244
LIABILITIES Insurance contract liabilities	21	3,414,744	3,524,848
Financial Liabilities	22	4,970,701	4,446,406
Trade payables	23	181,595	213,353
Other payables	24a	385,535	258,878
Deferred tax liabilities	16.1	98,050	98,050
Employee benefit liability	26	-	-
Taxation	27	30,506	25,506
Total liabilities		9,081,132	8,567,042
EQUITY	28
Issued share capital	28a	4,670,544	4,670,544
Share premium	28c	434,164	434,164
Revaluation reserve	28d	1,595,299	1,595,299
Fair value reserve	28e	333,904	361,523
Contingency reserve	28f	2,265,486	2,204,156
Retained earnings	28g	(11,906,906)	(11,085,483)
Shareholders' funds		(2,607,508)	(1,819,798)
Total Liabilities and Equity		6,473,624	6,747,244

…………………………………..	……………………………………	………………………………….
Jide Omotere	Bayo Fakorede	Prince Turoti Samuel
Chief Financial Officer	Ag. Managing Director	Chairman
FRC/2013/ICAN/00000002180	FRC/2013/CIIN/00000004099	FRC/2014/ICAN/00000006807

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2019

		01.07 - 30.09 2019	30 September 2019	01.07 - 30.09 2018	30 September 2018
Note		N'000	N'000	N'000	N'000
Gross Premiums written	29	294,918	2,044,347	903,759	3,668,675
Gross Premium Income	29a	580,397	2,244,377	1,063,471	3,733,379
Reinsurance expenses	29b	(129,105)	(542,756)	(306,275)	(1,008,732)
Net Premium Income	29	451,292	1,701,621	757,196	2,724,648
Fees and Commission Income	30	30,071	129,761	63,588	198,278
Net underwriting Income		481,362	1,831,381	820,784	2,922,926
Claims expense	31	(184,806)	(556,252)	(294,600)	(749,024)
Underwriting expenses	32	(164,186)	(489,591)	(152,689)	(696,148)
Net underwriting and claims expenses		(348,992)	(1,045,843)	(447,289)	(1,445,172)
Underwriting results	7	132,370	785,538	373,495	1,477,754
Investment income	33	35,529	78,116	54,957	123,608
Net realised gain/(loss) on financial assets	34	-	-	-	-
Other income	35	236	9,262	29,547	39,615
Operating and administrative expenses	36	(746,110)	(1,497,418)	(608,008)	(1,482,586)
Interest on convertible bond	37	(23,531)	(70,593)	(22,572)	(67,715)
Impairment loss on trade receivables	38	-	-	-	-
Profit / (Loss) before taxation		(601,506)	(695,094)	(172,581)	90,675
Taxation	27.1	(2,000)	(64,998)	(5,000)	(91,820)
Profit / (Loss) for the year		(603,506)	(760,092)	(177,581)	(1,144)
Other comprehensive income
Net fair value gain (loss) on available for sale financial assets	28e	-	(27,619)	-	102,447
Foreign exchange translation gain/(loss)	28f	-	-	-	-
Appreciation on investment in subsidiary			-	-	42,709
Total comprehensive income/(loss) for the year		(603,506)	(787,711)	(177,581)	144,012
Profit/(Loss) attributable to:
Owner of equity		(603,506)	(760,092)	(177,581)	(1,144)
Non controlling interest			-		-
		(603,506)	(760,092)	(177,581)	(1,144)
Total comprehensive income/(loss) attributable to :
Owner of equity		(603,506)	(787,711)	(177,581)	144,012
Non controlling interest			-		-
		(603,506)	(787,711)	(177,581)	144,012
Earning per share(kobo)
- Actual			(8)		2
- Adjusted			(8)		2

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 SEPTEMBER 2019
				Fair value
Share		Share	Revaluation	(Available for	Contigency	Retained	Total
Capital		Premium	Reserve	sale) Reserve	Reserve	Earnings	Equity
N'000		N'000	N'000	N'000	N'000	N'000	N'000
Balance as at 1 January 2018 4,670,544		434,164	1,595,299	417,141	2,077,338	(8,936,237)	258,250
Total comprehensive income for the year	-	-	-	(55,618)	-	-	(55,618)
Issue of share capital	-	-	-	-	-	-	-
Transfer to contigency reserve	-	-	-	-	126,818	(126,818)	-
Transfer from (to) retained earning	-	-	-	-	-	(2,022,427)	(2,022,427)
Dividend	-	-	-	-	-	-	-
Revaluation surplus	-	-	-	-	-	-	-
Balance as at 31 December 2018	4,670,544	434,164	1,595,299	361,524	2,204,156	#########	(1,819,795)
Balance as at 1 January 2019	4,670,544	434,164	1,595,299	361,523	2,204,156	#########	(1,819,797)
Total comprehensive income for the year	-	-	-	(27,619)	-	-	(27,619)
Issue of share capital	-	-	-	-	-	-	-
Transfer to contigency reserve	-	-	-	-	61,330	(61,330)	-
Transfer from (to) retained earning	-	-	-	-	-	(760,092)	(760,092)
Dividend	-	-	-	-	-	-	-
Revaluation surplus	-	-	-	-	-	-	-
Balance as at 30 September 2019	4,670,544	434,164	1,595,299	333,904	2,265,486	#########	(2,607,508)

STACO INSURANCE PLC

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

Company Company

September 2019

September 2018

Cash flow from operating activities	Note	N'000	N'000
Premium received from policy holders		2,041,541	3,726,098
Reinsurance receipts in respect of claims		356,027	289,710
Reinsurance cost		(531,881)	(990,732)
Cash paid to and on behalf of employees		(606,503)	(707,116)
Other operating cash payments/receipts		(306,273)	(576,020)
Commission paid		(55,208)	(69,324)
Claims paid		(822,353)	(1,312,576)
Tax paid		(59,998)	(81,820)
Net cash provided by operating activities	44	15,351	278,221
Cash flow from investing activities Purchase of property,plant and equipment	18	(4,968)	(42,344)
Purchase of intangible asset Fund placement proceed		- 61,135	711,483
Dividend received		37,147	25,088
Interest received		40,970	98,520
Net cash provided by investing activities		134,283	792,748
Cash flow from financing activities Change in borrowings		(267,285) 0	(1,651,947)
Proceeds from issue of share capital Repayment of finance lease liabilities		- -	- -
Net cash used in financing activities		(267,285)	(1,651,947)
Net increase/(decrease) in cash and cash
equivalents		(117,650.61)	(580,978)
Cash and cash equivalents at the beginning of the
year		395,682	976,660
Cash and cash equivalents at the end of the year
		278,031	395,682
Represented by:
Cash at bank and in hand Cashbook overdrawn	8	278,031 -	395,682 -
		278,031	395,682

STACO INSURANCE PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

RISK MANAGEMENT FRAMEWORK (CON'TD) CAPITAL MANAGEMENT

The Group's objectives with respect to capital management are to maintain a capital base that is structured to exceed regulatory and to best utilize capital allocations

Insurance industry regulator measures the financial strength of Non-life insurers using a solvency margin model, NAICOM generally expects non-life insurer to comply with this capital adequacy requirement.

Section 24 of the Insurance Act 2003 defines Solvency Margin of a Non-life insurer as the difference between the admissible assets and liabilities and this shall not be less than 15% of net premium income (gross premium income less re-insurance premium paid) or the minimum capital base (3 billion) whichever is higher.

The test compares insurers' capital against the risk profile. The regulator indicated that the insurer should produce a minimum solvency margin of 100%. During the period, the Group consistently operated above the minimum. The regulator has the authority to request more extensive reporting and can place restrictions on the Group's operations as deemed necessary if the Group falls below this requirement.

The solvency margin for the Company as at 30 September 2019 is as follows:

ASSETS:

	ADMISSIBLE	IN ADMISSIBLE	TOTAL
	N'000	N'000	N'000
Cash and cash equivalents	278,031	-	278,031
Financial assets	212,881	-	212,881
Insurance receivables	88,519		88,519
Reinsurance assets	1,042,133	-	1,042,133
Other receivables	-	179,061	179,061
Deferred acquisition cost	132,110	-	132,110
Investment in subsidiary	-	327,937	327,937
Investment properties and land	1,520,000	-	1,520,000
Leased assets	135,647		135,647
Property and equipment	2,224,474	-	2,224,474
Statutory deposit	300,000	-	300,000
Intangible assets	-	32,830	32,830
Total assets	5,933,796	539,828	6,473,624
LIABILITIES
Investment contract liabilities	-	-
Insurance ccontract liabilities	3,414,744	-	3,414,744
Borrowings	4,970,701	-	4,970,701
Trade payables	181,595	-	181,595
Other payables	385,535	-	385,535
Deferred tax liabilities	-	98,050	98,050
Current income tax liabilities	30,506	-	30,506
Total liabilities	8,983,082	98,050	9,081,132
SOLVENCY MARGIN	(3,049,286)
MINIMUM REQUIRED	3,000,000

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019 RISK MANAGEMENT FRAMEWORK (CON'TD) CAPITAL MANAGEMENT

The Company further developed an internal capital adequacy model that assesses the risk of assets, policy liabilities and other exposures by applying various factors. The model calculates the capital required for each class of the broad risks identified by the Company and aggregates through co-variance methodology that considers the relationship between these risk categories.

As at period end, the Company showed a positive solvency margin of (N3,049,286.07 and a solvency ratio of 101.64%

STACO INSURANCE PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

SEGMENT INFORMATION- COMPANY

Segment Information

Following the management approach of IFRS 8, the company is organised into eight operating segments. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. Management identifies its reportable segments by product line. These segments and their respective operations for the period ended 30 September, 2019 are as follows:

Fire

General accident Motor vehicle

Oil and gas Marine Aviation Bond

Engineering
		General	Motor	Oil and
	Fire	Accident	Vehicle	Gas	Marine	Aviation	Bond	Engineering	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Gross premium written	545,671	324,599	649,626	158,239	282,396	166	18,557	65,093	2,044,347
Gross premium income	631,635	357,670	741,939	230,020	192,584	(271)	11,262	79,539	2,244,377
Re-insurance expenses	(302,026)	(4,720)	(20,948)	(83,884)	(96,308)	(4,691)	(4,517)	(25,662)	(542,756)
Net premium income	329,609	352,950	720,991	146,135	96,277	(4,962)	6,745	53,877	1,701,621
Fee Income and commission	69,109	1,354	3,592	20,551	24,653	1,012	1,328	8,162	129,761
Investment returns -
Net underwritting income	398,718	354,303	724,583	166,686	120,930	(3,950)	8,073	62,038	1,831,381
Claim expenses(Gross)	(213,557)	(109,947)	(194,051)	(149,413)	(76,224)	(46,438)	(3,760)	(28,963)	(822,353)
Insurance claims recovered / recoverable from reinsurers	324,648	81,079	171,676	(368,772)	98,581	695	330	(42,136)	266,101
Net insurance benefits and claims	111,091	(28,868)	(22,375)	(518,185)	22,357	(45,743)	(3,430)	(71,099)	(556,252)
Underwriting expenses	(179,312)	(72,400)	(110,024)	(50,541)	(57,840)	(140)	(2,040)	(17,295)	(489,591)
Total expenses	(68,221)	(101,268)	(132,399)	(568,725)	(35,484)	(45,882)	(5,471)	(88,394)	(1,045,843)
Reportable segment profit	330,497 253,036 592,184			(402,039)	85,446	(49,832)	2,602	(26,355)	785,538

STACO INSURANCE PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

SEGMENT INFORMATION CONT'D- COMPANY

The segment information provided by Management for the reporting segments for the year ended 30 September 2018

General Fire Accident N'000 N'000			Motor Vehicle N'000		Oil and Gas N'000		Marine N'000		Aviation N'000		Bond N'000		Engineering N'000		Total N'000
Gross premium written	857,891 534,742		1,121,617 554,433 441,880 7,582 27,791										122,739 3,668,675
Gross premium income	891,139	514,363		1,116,023		548,780		487,349		10,707		37,907		127,112		3,733,379
Re-insurance expenses	(706,244)	(24,350)		(34,599)		(155,600)		(7,137)		(80,543)		(214)		(45)		(1,008,732)
Net premium income	184,895	490,013		1,081,424		393,180		480,212		(69,836)		37,692		127,068		2,724,648
Fee Income and commission	164,489	6,605		5,700		1,577		-		19,831		63		13		198,278
Investment returns	-	-		-		-		-		-		-		-		-

Net underwritting income	349,384 496,617		1,087,124 394,757 480,212 (50,005) 37,755					127,081 2,922,926
Claim expenses(Gross)	(425,367) (137,260)		(378,122) (229,349)		(74,449) (7,253) (18,750)			(42,027) (1,312,576)
Insurance claims recovered from reinsurers	454,606 58,937		125,159 (182,007)		95,081 3,186 (185)			8,778 563,553
Net insurance benefits and claims	29,239	(78,323)	(252,963)	(411,356)	20,632	(4,068)	(18,935)	(33,249)	(749,023)
Underwriting expenses	(205,807)	(112,898)	(177,121)	(73,945)	(88,820)	(1,601)	(7,286)	(28,671)	(696,148)
Total expenses	(176,567)	(191,222)	(430,084)	(485,301)	(68,188)	(5,669)	(26,220)	(61,920)	(1,445,172)
Reportable segment profit	172,816	305,396	657,039 (90,544)		412,024 (55,674)		11,535	65,161	1,477,754

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

Company Company

September 2019

31 December

2018

N'000 N'000

CASH AND CASH EQUIVALENTS
Cash in hand 3,971 1,969
Due from banks and other financial
institutions (note 8.1) 274,060 393,713
278,031 395,682
1. Due from banks and other financial institutions

Balances held with banks 87,040 145,558 Placement with banks 187,020 248,155

274,060 393,713

Short-term deposits are made for varying period of one day and three months depending on the immediate cash requirement of the group.

For the purpose of cash flows, cash and cash equivalents comprises include cash and bank balances (as above)

278,031 395,682

30 September 2019 N'000			31		December 2018 N'000
9	FINANCIAL ASSETS The group financial assets are summarised below by measurement category : Held to maturity (Note 9.1)	98,304		10,468
	Loans and receivables (Note 9.2)	17,987		20,877
	Available for sale financial asset (Note 9.3)	96,591		209,270
		212,881		240,616
9.1	Held to maturity Government securities	92,625		4,790
	Treasury bills	5,679		5,679
		98,304		10,468
	Due within 12 months	-		1,350
	Due after 12 months	98,304		9,118
		98,304		10,468
	There are no impaired held to maturity
	investments at 30 September 2019 (2018 nil)
9.2	Loan and receivables Staff loan	17,987		20,877
		17,987		20,877
		17,987		20,877
	Due within 12 months	(48,450)		(977)
	Due after 12 months	66,437		21,854
		17,987		20,877
9.2a	Staff loan	115,173		118,063
	Allowance for impairment (Note 9.2c)	(97,186)		(97,186)
		17,987		20,877

For loans and receivables exceeding 12 months, the estimated fair values of the loans and receivables are the discounted amount of the estimated future cash flows expected to be received. Expected cash flows are discounted factor at current market rates to determine fair value. For loans and receivables with maturity period of below 12 months, no discounting was applied.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

9.2b Movement on the provision for impaired loans and receivables are as follows :

Company	Staff loan	Total
	N'000	N'000
At beginning of year	97,186	97,186
Provision for impairment Provision no longer required	-	- -

Amount written off during the year as uncollectible -Unused amount reversed 97,186 - 97,186

	Company	Company
	30	31
	September	December
	2019	2018
9.3 Available for sale investment	N'000	N'000
Listed	-	112,680

Unlisted 96,591 96,591

96,591 209,270

Due within 12 months - -

Due after 12 months 96,591 209,270

96,591 209,270

The Group investment in unquoted equity financial instrument could not be fair valued as there were no observable data for which the entity could be fair valued,the carrying amount was based on cost less impairment.

The quoted equity financial instrument are measured at market value,the cummulative gain or loss are recognised in other comprehensive income.

	30 September	31 December
	2019	2018
10 TRADE RECEIVABLES	N'000	N'000
Due from agents	-	-
Due from brokers	1,688,710	1,685,905
Due from Reinsurance companies	- 1,688,710	- 1,685,905
Allowance for impairment (Note 10.1)
	(1,600,191)	(1,600,191)
	88,519	85,714

Due within 12months 88,519 85,714

Due after 12 months - -

88,519 85,714

10.1

Movement on the allowance for impairment of receivables arising out of direct insurance arrangements are as follows:

Company N'000

At beginning of year 1,600,191

Provision for impairment -

Provision no longer required -

Amount written off during the year as uncollectible -At end of period 1,600,191

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

Company Company

September 2019

31 December

2018

N'000 N'000

11	REINSURANCE ASSETS
	Prepaid reinsurance (note 11.1)	258,355	258,355
	Reinsurance recoverable	780,154	780,154

Prepaid M&D Deposit - Re-Insurance 3,625 14,500

1,042,133 1,053,008

Due within 12months 754,732 765,607

Due after 12 months 287,401 287,401

1,042,133 1,053,008

11.1	Movement in prepaid reinsurance
	At beginning of year	263,355	263,355
	Additions during the year	1,008,732	1,178,193

Amortisation during the year (542,756) (1,183,193)

At end of period 729,330 258,355

There were no indicators of impairment for re-insurance assets.Therefore ,no impairment allowance is required in respect of these assets.The carrying amounts disclosed above is in respect of the reinsurance contracts which approximate the fair value at the reporting date.

Company Company

OTHER RECEIVABLES AND PREPAYMENTS
30
September 2019
31 December
2018
Accrued income (Note 12.2) 19,477 19,477
Prepayment (Note 12.2) 108,779 108,711
Other receivables (Note 12.1) 50,805 56,317
179,061 184,505
Due within 12months 179,061 184,505
Due after 12 months - -
179,061 184,505
1. Other receivables

Stock- consumables - -

Deposit for assets - -

Other sundry debtors 2,292,662 2,298,174 2,292,662 2,298,174

Allowance for impairment (Note 9.2c) (2,241,857) (2,241,857)

50,805 56,317

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

September 2019

31 December

2018

13	DEFERRED ACQUISITION COST
	At begining of year	158,181	161,135
	Additions during the year	344,039	686,349
	Amortisation during the year	(370,110)	(689,303)
	At end of period	132,110	158,181
	Due within 12months	132,110	158,181

Due after 12 months - -

132,110 158,181

INVESTMENT IN SUBSIDIARY The following table illustrates the summarized financial information of the company's investment in Staco Sierra Leone Limited
Share of the Subsidiary's statement of financial position: Assets	-		920,133
Liabilities	-	-	733,504
Equity	-		186,629
Share of Subsidiary's reserves and			156,741
profit or loss: Contingency reserve	-		41,746
Retained earnings	-		99,561
	-		141,307
Carrying amount of the investment	327,937		327,936
14.2 Appreciation/(Diminition) in investment Carrying amount of the investment	327,937		327,936
Cost of investment	74,733		74,733
Appreciation in investment	253,204		253,203

This represents 60% holding in the ordinary share capital of Staco Sierra Leone Limited, a subsidiary incorporated and operating in Sierra Leone

15	INVESTMENT PROPERTIES At 1 January	1,520,000	1,520,000
	Addition during the year Revaluation surplus	- -	- -
	At end of period	1,520,000	1,520,000
	Cost/Valuation at 30 September, 2019 is represented by:
	Valuation	495,000	495,000
	Cost	1,025,000	1,025,000
		1,520,000	1,520,000

Investment properties are carried at fair value which are determined by independent professional valuers .The determination of fair value of the investment properties was supported by market evidence. The modalities and process utilized extensive analysis of market data and other sector specific peculiarities corroborated with available database derived from previous experience.

The investment property is a landed property held for the purpose of capital appreciation.It is a bare land located at No 13 Glover Road ,Ikoyi in Eti Osa Local Government Area of Lagos State.

The property was independently valued by Dennis Osamudiame (FRC/2013/NIESV/00000003727) for Dennis Osamudiame & Co on 13th December 2017 at N1,520,000,000(2015 : N1,520,000,000) on the basis of open market value .

STACO INSURANCE PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

Company Company

September 2019

December 2018

DEFERRED TAX ASSETS N'000 N'000
At 1 January - -
Charge for the period - -
At 30 September - -
The movement in defered income tax liabilities during the year is as follows:
1. DEFERRED TAX LIABILITY N'000 N'000

At 1 January 98,050 98,050

Charge for the period - -

At 30 September 98,050 98,050

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

17	LEASED ASSETS	Furniture
		Fittings and	Motor
	Cost	equipment N'000	Vehicle N'000	TOTAL N'000
	At 1 January 2019 Additions At 30 September 2019	- - -	592,767 - 592,767	592,767 - 592,767
	Accumulated depreciation At 1 January 2019	-	424,034	424,034
	Charge for the period	-	33,085	33,085
	At 30 September 2019	-	457,120	457,120
	Carrying value
	At 30 September 2019	-	135,647	135,647
	At 31 December 2018	-	168,733	168,733

STACO INSURANCE PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

18 PROPERTY, PLANT AND EQUIPMENT
			Furniture
	Land and	Plant and	Fittings and	Motor	Work in
	Building	Machinery	equipment	Vehicle	Progress	TOTAL
	N'000	N'000	N'000	N'000	N'000	N'000
Cost
At 1 January 2019 2,220,609 151,281			707,376	1,357,116	4,226	4,440,608
Additions - 188			1,420	700	-	2,308

Disposal -

Revaluation surplus (Note 27d) -At 30 September 2019 2,220,609 151,469 708,796 1,357,816 4,226 4,442,916

Accumulated depreciation At 1 January 2019	68,813	134,260	637,143	1,330,282	-	2,170,499
Charge for the period	25,809	2,455	14,424	5,256	-	47,944
Disposal	-
At 30 September 2019	94,622 136,716 651,567 1,335,537 - 2,218,443
Carrying value At 30 September 2019	2,125,987 14,753 57,229 22,279 4,226 2,224,474
At 31 December 2018	2,151,796 0 17,020 70,233 26,834 4,226 2,270,109

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

Company Company

September 2019

December 2018

N'000 N'000

19 STATUTORY DEPOSIT

This represents amount deposited with Central Bank of Nigeria (CBN) in accordance with section 10(3) of the Insurance Act, 2003

300,000 300,000

Due within 12 months - -

Due after 12 months 300,000 300,000

300,000 300,000

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